UPDATE 1-UAE's Shuaa Capital, ADFG mandate banks on merger plan - ADFG | Reuters:
Shuaa Capital and Abu Dhabi Financial Group (ADFG) have mandated UBS and JPMorgan Chase & Co as advisers on a potential merger between the United Arab Emirates investment firms, an ADFG spokesman said.
Dubai-listed investment bank Shuaa Capital said on Sunday it had started talks on a possible merger with ADFG.
Shuaa said each party has formed a working group, and upon review, working groups will report their recommendations to their respective boards, adding that there is no certainty that a deal will happen.
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